Tuesday, May 31
Number Go Up 💸
Crypto Fast Food 🍟
Bitcoin’s Billionaire Flippening
😂 Twitter Memes of the Week
Crypto Fast Fo🍟d
💸 Not only do they give Bitcoin a "fair value" of $38K — 12% upside 📈, but they believe Real Estate has systemic risks and is due for a major correction.
Nike’s Web3 branch RTFKT — pronounced “artifact” — just bought DotSwoosh.eth from the Ethereum Domain Name For $35K. RTFKT, which is a virtual sneaker company, now owns 10 ENS domain names. 🔥 👟
Prada, Luxury Designer Brand, is following both Gucci & Balenciaga in releasing their own NFTs on Ethereum. The project called Timecapsule Apparel will airdrop a free NFT supposedly worth 100 ETH when shoppers purchase the physical item from the collection. 🤑
A New Record of $9B 🔥 has been injected into Web3 Start-Ups in Q1 2022, according to Global Blockchain Funding. The # of blockchain startups receiving Venture Capital has increased for the SEVENTH consecutive quarter despite sluggish prices in the crypto markets:
Bitcoin down ~31%
Ether down ~46%
Blockchain Funding +250% (since Q1 2021)
Andreessen Horowitz, known simply as “a16z”, announced last Wednesday that they raised $4.5B on their fourth crypto-Web3 fund. This is the most ever raised in a single fundraising round.
🔥 According to Global Trends, the United States is now #1 in Web3 funding with $5B raised in the past two quarters, securing two-thirds of all funding globally.
Sotheby rugs its $30M auction sell of 104 CryptoPunks at the last minute, saying in a tweet, “nvm, decided to hodl”. 🚀
Do Kwon’s team at Terraform Labs launched LUNA 2.0 on Saturday, which traded as high as $30 before puking more than 88% to $3.5. 🤮
LUNA was formerly the “stablecoin” that wrecked everyone in crypto in a $60B dollar, Bernie-Madoff-style collapse, kicking off world wide regulatory scrutiny.
Validators be like…. 💀
Bitcoin’s “Billionaire Flippening”
What happens when half of all billionaires are made from the Crypto Revolution?
Like the Captains of Industry of the early 19th-Century, Crypto Barons of the 21st Century are poised to become the new global elite. And they pose a serious risk to the status quo.
Their newly accumulated wealth is already allowing them to bend the asymmetry of power towards their will.
Consider this headline… “Sam Bankman-Fried to Spend $1B in 2024 US Elections to Stop Trump Comeback.”
The numbers show that cryptocurrency investors are more inclined towards philanthropy than the general population, which is a good thing. You want more millionaires and billionaires to be generous with donations.
📈 Moreover, the number of crypto billionaires is expected to grow over the next decade.
Here is a list of some of the most influential crypto billionaires today:
Brian Armstrong — 6.5 billion
Sam Bankman-Fried — 4.5 billion
Chris Larsen — 2.9 billion
Michael Saylor — 2 billion
Changpeng Zhao (“CZ”) — 1.9 billion
Tyler and Cameron Winklevoss — 1.6 billion each
Barry Silbert — 1.5 billion
Jed McCaleb — 1.4 billion
Tim Draper — 1.1 billion
There comes a point when the price per BTC hits a critical point triggering a “billionaire flippening” to occur.
The flippening simply refers to the point when there are more billionaires created by holding BTC than were created by all other industries combined (2,000 billionaires at present). 🤑
There are ~2393 addresses with >1000 BTC.
BTC at $1M = 2393 billionaire addresses.
However, the BTC Flippening would likely occur somewhere between $100k-$1M.
What happens when you shift the power asymmetry to a bunch of young kids who believe Liberté, égalité, fraternité ? A truly global, pro-freedom movement is what you get.
And what is a Government to do? Regulate like the Chinese Communist Party?
To do that effectively mean keeping out half of the world's riches millionaires and billionaires from investing in your country.
Bitcoin might just deliver the goods, in terms of philanthropy & pro-freedom.
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE. BLAH, BLAH, BLAH, BLAH…